Q1toQ6

QI. (10 marks) Explain the Accruals (or Matching) Concept in relation to the financial accounts and statements of a business. 02. (10 marks) In your opinion, what are the uses of the Adjusted Trial Balance for small businesses? Discuss. 03. (30 marks) Crary Mountain Outfiten Councutfilmer store for fishing treka, prepared the following unaciunted trial balance at the end of its first year of operations Crazy Mountain Outfitters.co. unadjusted Trial Balance April 30, 2018 Deble Credit Cash Accounts Receivable 72.500 Supplies 7200 Equipment... 112.000 Accounts Payable 12.200 Unearned Fees 19200 John Bridge, Capital 137800 John Bridge Drawing 10 000 Fees Eamed Wages Expense 157.100 Rent Expense 55.000 Utilities Expense 0.000 Miscellaneous Expense 7000 45.000 35.000 For preparing the adjusting entries, the following data were sembled Supplies on hund on April 30 were $1,380 Fees earned but unbilled on April 30 were $3.900 Depreciation of equipment was estimated to be $3,000 for the year lepaid wages accrued on April 30 were $2,475 The balance in unearned fees represented the April 1 recript in advance for services to be provided. Only $14,140 of the service was provided between Apeilt and Apel 30 Prepare ; .. Journalize the adjusting entries necessary on April 30, 2019 Prepare the adjusted Trial Balance c. Prepare Statement of Income (SOD d. Prepare Statement of Equity (SOE) e Prepare Statement of Financial Position (SOFP) (Note: Please prepare your answer in excel) 04. (10 marks) Explain the reason companies provide sales returns and allowances to their customers. Q5. (20 marks) In what circumstances are the different methods of inventory valuation useful? Discuss. Q6. (20 marks) Springfield Enterprise received a bank statement showing a different balance than reported in the company's bank account as at 30 June 2011. The details of the bank statement and Cash at Bank account are as follows: Bank Account Date Particulars Ref Debit Credit Balance June 1 Balance 1,750.00 Dr 4 Mahat - Cheque No. 376 200.00 1,550.00 Dr 7 Jamal 120.00 1,670.00 Dr 12 Rajan - Cheque No. 377 400.00 1,270.00 Dr 25 Karim 45.00 1,315.00 DE 27 Omar - Cheque No. 378 175.00 1,140,00 Dr 30 Latif 80.00 1,220.00 Dr